In а mаrket оperаting under quantity cоmpetitiоn there are 2 firms (Cournot duopoly). The cost structure of firm 1 is given by C1(q1) = 48 + 56 q1 + (q1)2 and that of firm 2 is given by C2(q2) = 88 + 24 q2 + (q2)2. The inverse demand function is P = 120 – 2 Q, where Q = q1 + q2. Define the profit maximization problem that every firm faces and solve for the respective best response functions. Use these (or the first order condition directly) to answer the following: 1. The Nash Equilibrium quantity produced by firm 1 q1* is [Nash1]. 2. The Nash Equilibrium quantity produced by firm 2 q2* is [Nash2]. 3. The Nash Equilibrium price is [NashP] 4. The Lerner Index for the market is closest to [Lerner]